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Buyer’s Credits for Ship Export to World’s Largest Cruise Ship Operator
Supporting Export of Large Cruise Ships Built in a Japanese Shipyard

  • Region: Europe
  • Marine and Aerospace
  • Export Loans
NR/2011-51
November 28, 2011
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on November 8 two buyer’s credit agreements for ship exports with Carnival plc incorporated in England and Wales and Carnival Corporation incorporated in Panama (“Carnival Corporation & plc”), a dual listed company and the world’s largest cruise ship operator, to finance large cruise ships to be built by Mitsubishi Heavy Industries, Ltd.(MHI). JBIC provided these loans in cofinancing with a private financial institution, Mizuho Corporate Bank, Ltd. (facility agent).*2
     
  2. These loans will fund the purchase of two 125,000-ton large cruise ships for Carnival Corporation & plc’s AIDA Cruises brand. MHI won these orders for the first time in 11 years since 2000. The ships will be built in its Nagasaki Shipyard (in Nagasaki City, Nagasaki Prefecture). 
     
  3. JBIC provided financial support for the export of cruise ships built in a Japanese shipyard, thereby contributing to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry. JBIC is now empowered to finance ship exports to developed countries, pursuant to the Japan Bank for International Cooperation Act (JBIC Act) promulgated and entered into effect on May 2 and the related government orders.
     
  4. JBIC will continue to actively support the export of ships built in domestic shipyards in cofinancing with private financial institutions and in cooperation with the Shipbuilders’ Association of Japan, as these shipyards perform a significant role in the regional economy, including employment creation in small and medium enterprises associated with shipbuilding.
     
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 Nippon Export and Investment Insurance (NEXI) provides Buyer’s Credit Insurance for the portion cofinanced by Mizuho Corporate Bank.

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